ExxonMobil to buy Pioneer in $59.5bn all-stock deal

ExxonMobil has agreed to buy Pioneer Natural Resources in a $59.5bn all-stock deal.

Under the terms of the transaction, Pioneer shareholders will receive 2.3234 shares of ExxonMobil for each of their shares.

ExxonMobil chairman and chief executive Darren Woods said: "Pioneer is a clear leader in the Permian with a unique asset base and people with deep industry knowledge. The combined capabilities of our two companies will provide long-term value creation well in excess of what either company is capable of doing on a standalone basis.

"Their tier-one acreage is highly contiguous, allowing for greater opportunities to deploy our technologies, delivering operating and capital efficiency as well as significantly increasing production. As importantly, as we look to combine our companies, we bring together environmental best-practices that will lower our environmental footprint and plan to accelerate Pioneer’s net-zero plan from 2050 to 2035."

The deal is expected to close in the first half of 2024.